Cheers to the Investor, page-4

Yes of course it would have been legal if the BoD had issued the shares themselves...that is exactly what we Shareholders approve each year via the 15% + 10% additional resolution, so it was well within their legal capacity if they had chosen so. In this instance, the BoD have shown some wisdom, as a scrip issue at these levels for a million would not have been received well by either the market or OBJ Shareholders.